A New Financial Market Structure For East Asia

Author : Yŏng-chʻŏl Pak,Yunjong Wang,Takatoshi Itō
Publisher : Edward Elgar Pub
Page : 548 pages
File Size : 50,7 Mb
Release : 2005
Category : East Asia
ISBN : UCSD:31822035219500

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A New Financial Market Structure for East Asia by Yŏng-chʻŏl Pak,Yunjong Wang,Takatoshi Itō Pdf

This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia's dependency on financial centers outside the region is also relatively high, and that there is no strong region-wide network to connect various financial centers in East Asia. Against this economic background, the contributors make recommendations for the establishment of effective and stable capital recycling in East Asia. The financial intermediary function of the regional financial centers - Hong Kong, Singapore and Tokyo - is evaluated. Discussion focusses on the issues of building an organic network between the financial markets of major economies in the region and enhancing the future role and function of those regional financial centres. The policy implications of the future development of regional financial markets - based on regional financial networks - that could potentially act as intermediaries between the high savings and productive sectors in East Asia are also examined. Concentrating on the major issues identified as central to building a new financial market structure in East Asia, this book will be appeal to those with a special interest in Asian studies and financial economics.

Author : Takatoshi Ito,Anne O. Krueger
Publisher : University of Chicago Press
Page : 416 pages
File Size : 54,8 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226386959

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Financial Deregulation and Integration in East Asia by Takatoshi Ito,Anne O. Krueger Pdf

The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.

Author : Swati R. Ghosh
Publisher : World Bank Publications
Page : 234 pages
File Size : 40,7 Mb
Release : 2006-01-01
Category : Business & Economics
ISBN : 9780821367445

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East Asian Finance by Swati R. Ghosh Pdf

This study analyzes the key issues and constraints -- in terms of efficiency, access and safety and soundness -- faced by East Asian countries in developing their financial markets which are at different stages of development, drawing on global experience. The study takes stock of the initiatives being undertaken at the regional level to foster greater financial integration as a means of deepening and diversifying financial markets, and on the policy issues that need to be addressed at the domestic level to deepen and diversify financial markets and to actually benefit from the actions that are being taken at the regional level.

Author : Seiichi Masuyama,Donna Vandenbrink,Siow Yue Chia
Publisher : Institute of Southeast Asian Studies
Page : 392 pages
File Size : 41,5 Mb
Release : 1999
Category : Business & Economics
ISBN : 9812300058

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East Asia's Financial Systems by Seiichi Masuyama,Donna Vandenbrink,Siow Yue Chia Pdf

Financial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future.

Author : Yung Chul Park,Charles Wyplosz
Publisher : Oxford University Press
Page : 190 pages
File Size : 46,7 Mb
Release : 2010-07
Category : Business & Economics
ISBN : 9780199587124

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Monetary and Financial Integration in East Asia by Yung Chul Park,Charles Wyplosz Pdf

The book analyses the Asian experience from both Asian and European perspectives.

Author : Masayuki Susai,Shigeru Uchida
Publisher : World Scientific
Page : 189 pages
File Size : 42,5 Mb
Release : 2011
Category : Business & Economics
ISBN : 9789814343374

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Studies on Financial Markets in East Asia by Masayuki Susai,Shigeru Uchida Pdf

This book will be an important addition to the limited number of books that discuss finance and accounting issues in East Asian countries. While presenting recent empirical studies on finance and accounting in East Asian economies, it also reveals the underlying reasons for remarkable economic growth and emerging performance of the financial markets in the East Asian countries. It introduces newly developed financial products, institutions, governance mechanism, banking policy changes and their implications in the East Asian economies, and discusses the way forward for these economies with recommendations for policy implications. It also contains suggestions for other developing countries trying to achieve rapid growth.

Author : Kim B. Staking
Publisher : IDB
Page : 200 pages
File Size : 51,5 Mb
Release : 1997
Category : Business & Economics
ISBN : 1886938237

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Policy-based Finance and Market Alternatives by Kim B. Staking Pdf

Author : Joseph Fan,Masaharu Hanazaki,Juro Teranishi
Publisher : Routledge
Page : 408 pages
File Size : 43,9 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781134352630

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Designing Financial Systems for East Asia and Japan by Joseph Fan,Masaharu Hanazaki,Juro Teranishi Pdf

This collection discusses the role of financial institutions and markets in East Asian and Japan, corporate governance and new technology and how to redesign the East Asian and Japanese financial systems.

Author : Ky Cao
Publisher : Routledge
Page : 354 pages
File Size : 54,9 Mb
Release : 1995-11-16
Category : Business & Economics
ISBN : 9781134806164

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The Changing Capital Markets of East Asia by Ky Cao Pdf

The contributors look at the growing sophistication of capital markets in East Asia and discuss the possible economic and political consequences.

Author : Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei
Publisher : Taylor & Francis
Page : 342 pages
File Size : 49,7 Mb
Release : 2011-05-03
Category : Business & Economics
ISBN : 9781136847622

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The Dynamics of Asian Financial Integration by Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei Pdf

The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.

Author : Gordon De Brouwer,Wisarn Pupphavesa
Publisher : Routledge
Page : 348 pages
File Size : 40,5 Mb
Release : 2002-03-11
Category : Social Science
ISBN : 9781134619320

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Asia-Pacific Financial Deregulation by Gordon De Brouwer,Wisarn Pupphavesa Pdf

Recent events in East Asia have highlighted the risks of volatility and contagion in a financially integrated world. Countries in the region had been at the forefront of the movement towards increased integration but the crisis that struck Thailand in July 1997, and the rapidity with which it spread to other East Asian nations, suggested that all was not well. Weaknesses in domestic financial intermediation, poor corporate governance and deficient government responses to large capital inflows all played a role in the build-up of vulnerability. Asia-Pacific Financial Deregulation provides an insight into financial liberalisation and structural reform in the region generally and as illustrated by a number of countries.

Author : David G. Dickinson,J.L. Ford,the late M.J. Fry,Andrew W. Mullineux,S. Sen
Publisher : Edward Elgar Publishing
Page : 420 pages
File Size : 46,7 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 1781009988

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Finance, Governance and Economic Performance in Pacific and South East Asia by David G. Dickinson,J.L. Ford,the late M.J. Fry,Andrew W. Mullineux,S. Sen Pdf

'. . . this is an interesting and valuable collection of papers that addresses a highly topical area of research. The quality of writing is high in the main and the econometric methodology and models transparent. The appendices to many of the empirical chapters provide detailed information about data sources as well as model results. The book should be required reading for researchers and graduate students in this field, and the review papers provide valuable teaching material. It will be especially useful for those concerned with the contribution of governance structures to economic performance, financial crises and the still-disputed relationship between growth and financial liberalization.' - Jenifer Piesse, Asia Pacific Business Review Finance, Governance and Economic Performance in Pacific and South East Asia focuses on key aspects of government policy, financial systems and their links to the economic miracle in Pacific and South East Asia. It also considers the financial crises that have affected those economies and their economic progress. The contributors examine the success of governance in the form of government involvement with the macroeconomy, and with the deregulation of markets in general. Attention is drawn not only to the need for further liberalisation, but also the need to introduce regulatory structures to produce orderly markets.

Author : Jongkyou Jeon
Publisher : KIEP
Page : 68 pages
File Size : 48,9 Mb
Release : 2005
Category : Capital market
ISBN : UCSD:31822036517167

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Financial Market Integration in East Asia by Jongkyou Jeon Pdf

Author : Stijn Claessens,Thomas C. Glaessner
Publisher : World Bank Publications
Page : 52 pages
File Size : 52,8 Mb
Release : 1997
Category : Business & Economics
ISBN : 0821340069

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Are Financial Sector Weaknesses Undermining the East Asian Miracle? by Stijn Claessens,Thomas C. Glaessner Pdf

IFC Technical Paper No. 3. Inflation plagues many of the developing countries in which the International Finance Corporation (IFC) operates. To date, however, little is known about the impact of inflation on the financial statements of firms in developing countries. The authors of this study have developed a simple algorithm, based on the method of inflation accounting used in Brazil, and have applied it to the accounts of listed companies in Turkey for the period 1982-90. The paper documents an inflation-induced bias in financial statements and introduces a methodology for adjusting corporate financial statements for inflation effects.

Author : Robert F. Emery
Publisher : Praeger
Page : 368 pages
File Size : 53,5 Mb
Release : 1991
Category : Business & Economics
ISBN : UCSD:31822007771918

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The Money Markets of Developing East Asia by Robert F. Emery Pdf

Written for international finance executives, economists, and policymakers, this is the first book to describe in detail the money markets of the eight major developing countries of East Asia: Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Thailand, and Taiwan. Robert F. Emery makes use of the most recent and complete data available to analyze the strengths and weaknesses of each individual market and identify the main participants, the nature of the instruments used, the size of the market, and any official influences on the market. He also assesses each market in terms of its past performance, suggests possible measures to improve the market, and describes the basic ingredients for establishing a viable and growing market. Following an introductory chapter that explains Asian money markets, the volume contains chapters on each of the eight countries that analyze their respective markets in detail. Each chapter is organized into a standard format, making it easy for the reader to locate specific information. The introductory section contains information on the country's general economy, its financial system, the structure of the money market, and significant money market developments. Subsequent sections examine individual components of the money market, such as the interbank or commercial paper market. An analytical section discusses how large a role the money market plays in the country's economy, evaluates past financial policies, and proposes future policy initiatives. The final chapter makes cross-country comparisons of the various countries' markets and indicates what lessons can be derived from the preceding analyses. Numerous explanatory tables and figures amplify points made in the text.